Consumer Debt Payoff Continues

http://money.cnn.com/2010/11/08/news/economy/ny_fed_household_credit/index.htm?source=cnn_bin&hpt=Sbin

At this rate, only twenty more years to pay it back down...

NEW YORK (CNNMoney.com) -- Americans have paid off nearly $1 trillion in debt over the past two years, although the pace of repayment has slowed, according to a regional Federal Reserve report released Monday.

Total consumer debt was $11.6 trillion as of Sept. 30; down 7.4%, or $922 billion, from the peak reached in the third quarter of 2008, according to the Federal Reserve Bank of New York. Consumer indebtedness fell another 0.3% in the third quarter, after a 3.3% decline in the prior quarter.